• EXPD is in my list of 'tangible performers' given that it has compounded tangible book 17.4% in the last 25 y., 12.8% last 10 y., ‘Net current asset value’ 14% last 9 y.

• It is a global logistics company that provides air and ocean freight forwarding: so we have an asset light business model (non-current assets 20-25%) that could continue to compound at low double digits. It deserve a premium.

• Today we pay a premium of 4 times book (near 0 intangibles) for a fcfy of 4%, of which a third will be paid in dvds. Not a fat pitch but in the high conviction/small discount box. I’ll sell @ 1% fcfy.

• Like Mark Twain said “History doesn’t repeat itself, but it rhymes”, we say “Past performance is no guarantee of future results”. But it means something to me.